Ferrari (NYSE:RACE) Reports on Buyback Program

Ferrari (NYSE:RACE) Reports on Buyback Program

$RACE

Ferrari (NYSE:RACE) has announced that under the 2nd tranche of the common share buyback program announced on 1 July 2019 the Company has purchased additional common shares, reported in aggregate form, on a daily basis on the Italian Stock Exchange (MTA) and on the New York Stock Exchange (NYSE) as follows:

MTANYSETotal
Trading 
Date 
(d/m/y) 
Number of common shares purchased
Average price per share 
excluding fees 
(€)
Consideration excluding fees 

(€) 
Number of common shares purchased
Average price per share 
excluding fees 
($)
Consideration excluding fees 

($) 
Consideration excluding fees 

(€)* 
Number of common shares purchased
Average price per share 
excluding fees 
(€)*
Consideration excluding fees 

(€)* 
26/08/20196,227138.4491862,122.556,227138.4491862,122.55
27/08/20192,251140.6658316,638.722,251140.6658316,638.72
29/08/20194,476143.0000640,068.006,000158.9205953,523.00861,202.1310,476143.30571,501,270.13
30/08/20195,000143.5387717,693.506,500157.75321,025,395.80929,137.1911,500143.20271,646,830.69

Total 
17,954141.27902,536,522.7712,500158.31351,978,918.801,790,339.3230,454142.07864,326,862.08

Since the announcement of the Second Tranche of the buyback program dated 1 July 2019 till 30 August 2019, the total invested consideration has been:

  • Euro 71,858,370.53 for No. 494,717 common shares purchased on the MTA
  • USD 1,978,918.80 (Euro 1,790,339.32*) for No. 12,500 common shares purchased on the NYSE resulting in total No. 7,484,251 common shares held in treasury as of 30 August 2019. As of the same date, the Company held 2.91% of the total issued share capital including the common shares and the special voting shares, net of shares assigned under the Company’s equity incentive plan.

(*) translated at the European Central Bank EUR/USD exchange reference rate as of the date of each purchase

A comprehensive overview of the transactions carried out under the buyback program, as well as the details of the above transactions, are available on Ferrari’s corporate website under the Buyback Programs section.

Source: Ferrari

Ferrari is the Aristocrat of the automotive sector.

Enzo Ferrari’s iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Neutral to Bearish, overhead resistance is at 164.62 and support at 160.15 all Key indicators are flashing Neutral to Bullish in here. Ferrari finished at 161.94 +1.95 Thursday in NY.

Note: Goldman Sachs upgraded Ferrari to ‘buy‘ from ‘neutral ‘calling the stock’s pullback a good “entry point.” “We upgrade Ferrari from Neutral to Buy, offering 15% upside to our new price targets of 182. Our thesis, outlined in Life of Luxury published last month, is fundamentally unchanged post Ferrari’s in-line 2-Q results. We view the stock’s recent pullback as a good entry point in here.

Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term investment, and I see it at 200/share in that frame

Tune in and enjoy the racing this weekend.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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